Published on 3/16/2023 in the Prospect News Structured Products Daily.
New Issue: BofA prices $1.14 million 14% contingent income autocallable yield notes on Russell, S&P
By Kiku Steinfeld
Chicago, March 16 – BofA Finance LLC priced $1.14 million of contingent income autocallable yield notes due Jan. 5, 2024 linked to the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 14%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date.
The securities may be called automatically starting May 30, 2023 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent monthly determination date.
If the worst performing index does not close below its initial level and never closes below its 75% threshold vale, the payout at maturity will be par plus the contingent coupon. Investors will lose 1% for every 1% that the worst performing index declines if it finishes below its threshold value.
The notes are guaranteed by Bank of America Corp.
BofA Securities, Inc. is the agent.
Issuer: | BofA Finance LLC
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Guarantor: | Bank of America Corp.
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Issue: | Contingent income autocallable yield notes
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Underlying indexes: | Russell 2000 index and S&P 500 index
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Amount: | $1,136,000
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Maturity: | Jan. 5, 2024
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Coupon: | 14%, paid monthly, if each underlying index closes at or above its 75% coupon barrier on the related monthly observation date
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Price: | Par
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Payout at maturity: | If worst performing index finishes at or above its 75% threshold value, par; 1% loss for every 1% that worst performing index declines if it finishes below its threshold value
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Call: | Automatically starting May 30, 2023 at par if the level of each underlier is greater than or equal to its initial price and on any subsequent monthly determination date
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Initial levels: | 11,886.577 for Russell, 4,080.11 for S&P
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Downside thresholds: | 1,414.933 for Russell, 3,060.08 for S&P; 75% of initial level
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Coupon barriers: | 1,414.933 for Russell, 3,060.08 for S&P; 75% of initial levels
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Pricing date: | Nov. 30, 2022
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Settlement date: | Dec. 5, 2022
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Agent: | BofA Securities, Inc.
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Fees: | 0.5%
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Cusip: | 09709VA63
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